Alliance Data Aquires NFL Extra Points Credit Card Portfolio

by Cory Santos
alliance data partnership new NFL Extra Points Credit Card

Last updated on January 31st, 2024

Alliance Data Systems has signed a new multi-year agreement with the National Football League (NFL). The new NFL Extra Points Credit Card will reward fans for their purchases and deliver enhanced benefits through a branded NFL team card of their choice. Under the terms of the deal, the NFL and its 32 affiliated Club Shops will also have access to Alliance Data’s broad suite of digital financing solutions. 

Alliance Data to Acquire NFL Credit Card Portfolio

Alliance Data has also signed a definitive agreement to acquire Barclays’s existing NFL Extra Points Credit Card portfolio. In the coming months, more details are expected for existing cardmembers regarding a seamless transition to the new card program. In the meantime, cardmembers can continue to use their cards to make purchases, earn points and redeem rewards.

The current NFL Extra Points Credit Card, from Barclays, is the result of a long-standing, multi-year partnership. The card offers the following NFL-centric perks to cardmembers:

  • 2X points on NFL and team purchases
  • 1X points on all other purchases
  • $20 off every $100 spent at NFLShop.com
  • 0% introductory APR for six months on NFL ticket purchases

“Providing a Seamless Transition”

“We’ve paired up with the NFL to reward fans for supporting the teams they love most through our new co-brand NFL Extra Points Credit Card offering,” said Val Greer, EVP, and chief commercial officer, Alliance Data. “We look forward to providing a seamless transition to existing cardmembers and are thrilled to partner with the NFL to design a compelling value proposition that will appeal to its millions of fans.”

The NFL will benefit from Alliance Data’s robust data and analytics expertise to drive cardmember acquisition, engagement, and sales. Cardmembers will also benefit from Alliance Data’s frictionless and mobile capabilities that make it easy to apply for and use their new card in the channel of their choice.

“From tickets to gear, we are proud to reward fans for their fandom – from purchases to payment versatility, to exclusive experiences,” said Andy Kauffman, senior vice president of marketing strategy and sciences, NFL, in a press release. “Alliance Data has a full suite of services, and we look forward to offering the NFL Extra Points Credit Card to give fans the benefits they want while proudly showcasing their favorite teams.”

About Alliance Data

Alliance Data is a leading provider of tech-forward payment and lending solutions, serving customers and consumer-based industries in North America. Based on Columbus, Ohio,  Alliance Data completed the spinoff of its LoyaltyOne segment, which included the Canadian AIR MILES® Reward Program and Netherlands-based BrandLoyalty. The company is now known as Loyalty Ventures Inc.

Featured image by WikiImages / PixaBay

SuperNet Introducing First Cannabis Credit Card Network

by Cory Santos
supernet-introducing-first-cannabis-credit-card-network

Last updated on April 5th, 2023

The world of cannabis is looking to get more technical, thanks to a new payment and credit card network designed especially for the industry. SuperNet, set to launch in January, will offer cannabis dispensaries the chance to accept credit card payments – something currently illegal under federal law.

SuperNet Seeks to Bring Credit Cards to Cannabis Industry

Cannabis is a booming business in the United States. Despite the impressive growth of medicinal marijuana, CBD, and other hemp-derived products, however, credit card networks and the banking industry are unwilling and unable to provide services to cannabis operations due to the federal classification of cannabis as a Title IV drug,

A new payment company is introducing a solution to the conundrum of cannabis, credit cards, and the current need for consumers to carry cash. SuperNet is a new fintech and credit card network that serves the cannabis industry by partnering with financial institutions and cannabis merchants.

How SuperNet Works

The SuperNet network is similar to Visa, Mastercard, or other payment networks, with the sole exception being that it exists to serve the cannabis industry. Instead of holding large quantities of cash, dispensaries and other cannabis industry companies can use the SuperNet platform to finance purchases anywhere it is accepted.

“It’s a real credit card they’ll get from us,” CEO Michael W.K. Tsang told TechCrunch in an interview. “It’s just like any other credit card in your wallet, except instead of a Visa or Mastercard logo, it’s a SuperNet logo. You can spend it anywhere SuperNet is accepted.”

“Regulators want to see fewer cash deposits, and they want to see electronic payments,” Tsang said. “The beauty of what we’re offering is that our money — the electronic money — is tracked from the point of purchase. It’s traceable. We know where the money comes from. In cannabis, with cash, you have to spend a lot more effort to trace where the cash came from.”

Expected Launch Date

The SuperNet cannabis payment network will begin issuing credit cards in California in January 2022. The company will issue credit cards, and process payments that work with dispensaries, and SuperNet expects roughly 100 California retail locations to accept payments through the network at press time.

Related Article: Payment Processor Square Blazes Trail in CBD Market

Featured image by Erin_Hinterland / PixaaBay

Simple Ways to Cut Credit Card Debt Quickly

by Cory Santos
simple-ways-to-cut-credit-card-debt-quickly

Last updated on March 8th, 2023

Credit card debt is something that continues to haunt millions of Americas. Studies have shown that the coronavirus pandemic has hit American wallets exceptionally hard, with many turning to credit cards to help manage everyday expenses. If you are struggling with credit card debt, there are ways to help ease the stress these financial burdens can have on your life. Here are four basic ways to cut credit card debt.

Four Ways to Cut Credit Card Debt Fast

Here are four of the most common (and practical) ways to quickly reduce and eliminate credit card debt.

Debt Consolidation

One of the best ways to tackle credit card debt is by consolidating multiple large payments into one, easier-to-manege, smaller payment every month. There are several ways to accomplish this:

Get a Balance Transfer Credit Card

Balance transfer credit cards are a great way to refinance existing debt and pay it down at a lower rate. Most balance transfer credit cards come with a 0% introductory APR period on balance transfers. This promotional period lets new cardholders transfer their debt and pay off much – if not all – with no additional interest payments.

Upgrade Card with Cash Rewards is one such option to consider. The Upgrade Card works by extending a credit line of up to $20,000. The card works both as a Visa credit card and a type of personal loan. Cardholders can use their Upgrade account to transfer their credit line to existing accounts, paying them off to create one balance.

Personal Loans

Personal loans are another popular way to pay down credit card debt. Sometimes known as a debt consolidation loan, personal loans typically offer lower interest rates than credit cards and provide a streamlined way to pay off multiple cards and consolidate that debt into one, easy-to-manage monthly payment. Personal loans come from various lenders, including popular options like Upgrade, Smarter Loans, OppLoans, and Even Financial.

Before opening a personal loan, however, one thing to keep in mind is that these loans come with various fees not found with credit cards – including (but not limited to) loan origination fees.

Use a Debt Management and Repayment Strategy

One of the most popular ways to handle credit card debt is by adopting a repayment strategy. Paying off any debt requires an approach, as, without a plan, interest can multiply – leading to even bigger headaches. Just how much interest can you expect to pay over the life of your credit card debt? Our helpful credit card debt repayment calculator provides insights such as total debt to pay, principal vs. interest, monthly payment estimates, and more:

Two of the most popular debt repayment strategies are the “debt snowball” and “debt avalanche” methods. These methods are similar in that an individual makes consistent minimum payments on all their outstanding balances except for one, which will focus on debt. The difference lies in the order in which the obligations are tackled and whether a person wants to focus on balance or interest rate.

Debt Snowball

The debt snowball method focuses on paying your debt from the smallest balance to the highest, regardless of the interest rate. The main appeal of the snowball method is that you will see progress quickly. Being able to cross off pesky smaller debt amounts one by one can work wonders for your motivation.

The snowball method gets its name from how a small snowball quickly becomes a boulder as it rolls downhill. As you tackle smaller debts, your debt will shrink quicker and quicker.

Debt Avalanche

The debt avalanche method focuses on paying your debt from the largest interest rate to the smallest, regardless of the balance. By targeting the largest interest rate first and putting extra money towards its monthly payment, you are paying less overall interest throughout the life of that debt.

The debt avalanche method tackles the most significant debts, eliminating the biggest headaches first and reducing the need to pay more interest over the life of the debt. The avalanche method is often preferable to the snowball method as it is faster.

Not sure which repayment method is right for you? Use our handy credit card repayment calculator to estimate your monthly payments:

Related Article: Paying Off Debt – Debt Avalanche vs. Debt Snowball

Contact Creditors and Create a Payment Plan

Working with your creditors is a great way to take the first step to tackle credit card debt. Because credit card debt is a type of unsecured debt, creditors are usually more than happy to work with you to help ensure they receive the due money.

Forbearance

Forbearance is the financial hardship assistance provided by a lender. When a borrower cannot make their regular payments, the bank (or card issuer) may offer temporary assistance to let them regroup financially. Asking an issuer for forbearance may sound stressful, but it does not have to be.

The good news about credit card forbearance is that it will not directly impact your credit score. While in forbearance, your credit score will not experience any adverse effects, provided you keep up with the minimum obligations your card issuer requires. Keep in mind, however, that forbearance does not mean interest stops – only that your monthly minimums will decrease for the length of the terms.

Related Article: Does Credit Card Forbearance Hurt Your Credit Score?

Bankruptcy

Bankruptcy is never advisable for the huge variety of negative impacts it can have on your credit score, future loan prospects, and more. That said, sometimes your only recourse for escaping personal debt is bankruptcy.

Chapter 13 bankruptcy is one form of bankruptcy protection that can help you restructure personal debts over five years, without the serious, negative impacts of Chapter 7 bankruptcy protection. Chapter 7, while effective in eliminating unsecured credit card debt, will have severe consequences for your future credit health – potentially keeping you from getting loans in the future.

Related Article: Refinancing Debt: Everything You Need to Know

Featured photo by Samantha Hurley / Burst

Amex Unveils Two New Platinum Card Designs

by Cory Santos
Amex Unveils Two New Platinum Card Designs

American Express has announced two new, limited edition card designs for the issuer’s flagship, The Platinum Card from American Express. The new card designs, available to Platinum Cardmembers from January 20, 2022, are part of a more extensive, arts-centric program from Amex that will see the company provide $1 million in funding to The Studio Museum in Harlem, New York.

Amex Introduces Two New Platinum Card Designs

American Express will give Platinum Cardholders exclusive access to two unique, limited-edition card designs beginning next year. The lender launched the new designs yesterday, collaborating with Harlem’s renowned gallery, The Studio Museum. The new card designs will be made available to Platinum Cardmembers beginning January 20, 2022, with the additional option available to stick with the current, classic, all-metal card design.

American Express’ new Platinum Card collaboration will see cardmembers gain access to two unique card designs from leading artists Julie Mehretu and Kehinde Wiley, both former participants in The Studio Museum’s distinguished Artists-in-Residence program. 

Mehretu is a contemporary artist who specializes in abstract landscape paintings inspired by social movements, political injustice, and urban change.  She is best-known for an 80-foot mural at the Goldman Sachs offices in New York City.

Kehinde Wiley, for his part, is a portrait artist who focuses on naturalistic yet vibrant depictions of influential Black men. Wiley’s best-known work is his 2018 painting of Barack Obama, currently residing in the Smithsonian’s National Portrait Gallery.

Here are the new designs:

New American Express U.S. Consumer Platinum Card Design by Julie Mehretu

“Small-Scale Artistic Masterpieces”

“We can’t wait to give our cardmembers the opportunity to choose their favorite Platinum Card design – including small-scale artistic masterpieces they can now carry around in their wallet,” said Rafael Mason, Senior Vice President, U.S. Premium Products and Loyalty Programs at American Express in a press release. “We are also delighted to partner with the Studio Museum [in Harlem], which has had such a profound impact on the art world and on the artists who have participated in its residence program.”

Special Edition Amex Black Card

The new Amex Platinum Card designs follow on the heels of a unique, limited edition version of the Centurion Card (the famed Amex Black Card) for Dutch card members earlier this year. That promotion was part of an exclusive collaboration with Dutch conceptual artist and architect Rem Koolhaas.

About the Studio Museum

The Studio Museum is a Harlem museum created to help showcase artists of African descent. Originally opened in 1968, the Museum’s Artist-in-Residence program has supported over one hundred graduates who have gone on to highly regarded careers, including Wiley and Mehretu.

Related Article: Amex Unveils New Business Platinum Features

Featured image by  Amex

BBB Advice On Staying Safe While Online Shopping

by Cory Santos
BBB tips to stay safe when shopping online

Last updated on March 8th, 2023

The Better Business Bureau (BBB) is advising consumers to stick to credit cards for purchases this holiday season. The reason for the BBB’s advice is the ever-increasing number of misleading advertisements, lookalike websites, and untrustworthy sellers popping up this year. Here’s how to stay safe when online shopping this holiday season:

Better Business Bureau Tips to Stay Safe With Online Shopping This Holiday  Season

Online scams are a reality any time of the year – but the stressors of the holiday season can mean anyone may fall victim to a phishing scam, unregulated seller, or identity thief. To help shoppers stay safe online this holiday season, the BBB has offered a selection of helpful tips when purchasing gifts this year:

Use Your Credit Card

Using a credit card to make purchases is a great way to add an extra layer of security. Credit cards offer additional protections not found with cash – or even debit cards. Most credit cards come with cardholder protections that are standard across payment networks. These features include Zero Fraud Liability, which provides cardholders with the peace of mind that they’ll pay nothing if their card is subject to unauthorized use or theft.

Credit cards also offer the possibility of a chargeback – something not found with debit and prepaid cards. A chargeback is a form of refund where the card issuer refunds the purchase price to a cardholder at the cardholder’s request. Unlike a merchant-initiated refund, chargebacks allow credit cardholders to regain their money from an unscrupulous or dishonest merchant.

“Your credit card has protections built in that if you pay with other non-traditional forms of payment, Venmo or wiring money or anything else that’s non-traditional, you want be able to get your money back if you don’t get your item or if the item doesn’t measure up to what the promise has indicated,” said Nancy Cahalen, president and CEO of the BBB’s Central New England Division.

Shop Only with Trusted Sellers

Always check the security of a website before giving out personal or financial information. Two easy ways to check that a site is safe are by looking for a security certificate (SSL) or through the site’s Better Business Bureau profile.

A site’s SSL certificate lets shoppers know that the website uses multiple layers of security to prevent sensitive information from being stolen. Checking a site’s security is as easy as looking for the lock icon at the top of the browser in the address bar.

Checking a website’s BBB rating is as easy as visiting BBB.org, entering the site name, and scanning ratings and customer reviews. The site’s BBB listing will provide insight into other shoppers’ experiences, including scams and negative interactions.

Keep Your Antivirus Up to Date

Staying safe when shopping online this holiday season isn’t only up to the website. Consumers also need to be proactive about their safety online by ensuring their antivirus software is up to date and working correctly.

Antivirus software, including pop-up blockers, can assist shoppers by helping them to avoid non-secure websites and pop-up phishing scams and help keep personal information safe.

Other BBB Advice

Beyond online safety, the BBB has other useful advice for consumers shopping this holiday season. These tips include:

  • Understand return policies: Read the fine print before you buy. Understand the return or exchange policy for the specific item you would like to purchase. Be aware that stores may not allow returns for “final sale” or “closeout” items. Make sure to get gift receipts, so the recipient can return or exchange the item if necessary.
  • Take advantage of rewards and loyalty programs: Check your credit card rewards program for special point offers that could add up throughout the holidays.
  • Price check before you buy: Dozens of online retailers will claim they have the best price on an item, but their offers can be misleading. Do your homework by comparing prices. Remember that the best deal may not be the real deal.

Related Article: Consumers Seek to Shop Small This Holiday Season

Featured image by BBB

Klarna to Launch Pay Now Feature, Klarna Card in US

by Cory Santos
Klarna Launches Pay Now Feature in the United States

Last updated on April 7th, 2023

Klarna, one of the world’s largest Buy Now, Pay Later (BNPL) service providers, is introducing its Pay Now option to its suite of U.S. payment products. The Swedish firm is also planning on launching a U.S.-version of its popular Klarna Card in the near future.

Klarna Launches Pay Now Feature in the United States

While Swedish-based Klarna is best known for its Pay in 4 services in the United States, the BNPL firm offers a wide range of payment and shopping services globally. Klarna’s addition of Pay Now to its U.S. payment and shopping options will now be consistent with those offered across Klarna’s global brands.

Klarna Rolling Out Klarna Card in U.S.

The company will also roll out its Klarna Card in the United States, adding an extra layer of convenience to consumers who want to use BNPL service in-store – and not just online.

According to Klarna, the Klarna Card is “a tangible extension of the Klarna app experience, offering consumers the same control, convenience, and flexibility when making purchases using a physical card as they do using Klarna’s services at a retailers’ checkout or in the Klarna app.” The card already enjoys considerable popularity in Europe, with the company hoping for an equally impressive launch stateside.

“Sustainable, Interest-Free Services”

“With the introduction of Pay Now, Klarna now offers U.S. consumers the choice to pay immediately and in full, alongside our sustainable interest-free services. By launching Pay Now and introducing the Klarna Card in the U.S., we are continually developing our services to meet consumers’ changing needs,” said Sebastian Siemiatkowski, Klarna’s co-founder and CEO, in a press release announcing the product launch.

About Klarna

Klarna is a Sweden-based BNPL firm that lets consumers buy now and pay later to get what they love today. Klarna’s offerings to consumers and retailers include payments, social shopping, and personal finances. Over 250,000 retail partners, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, and more.

Related Article: Splitit Launches In-Store BNPL Service

Featured image by Klarna

Amex: Consumers Seek to Shop Small This Holiday Season

by Cory Santos
amex-consumers-seek-to-shop-small-this-holiday-season amex shop small

Last updated on January 29th, 2024

Shopping at a small business is on the busy holiday to-do list for a majority of consumers, according to recent American Express surveys. Amex’s 2021 Shop Small Impact Survey and Trendex Holiday 2021 findings are highlighting the importance Americans place on shopping with small businesses this holiday season. Here are all the relevant findings:

Amex Wants Consumers to Shop Small This Holiday Season

While Black Friday and Cyber Monday are synonymous with savings, American Express wants consumers to remember to Shop Small this holiday season. The Shop Small promotion from Amex was initially created to help local businesses during the pandemic but is an excellent way to support local merchants any time of year – and especially during the holiday season.

American Express Shop Small Impact Survey

According to recent data shared in both the Amex Trendex and the American Express Shop Small Impact Survey, would-be gift-givers this holiday season are hoping to do their part to have an overall positive impact on their local communities.

The 2021 American Express Shop Small Impact Survey found the following:

  • 42% of consumers surveyed say they plan to Shop Small on Small Business Saturday (November 27), and 80% of consumers say they are likely to shop small this holiday season
  • Seven-in-ten consumers surveyed agree that they are more conscious about making sure they shop at small businesses this year compared to previous years and seek out small businesses when shopping
  • 79% of consumers surveyed agree that the best and most unique holiday gifts come from small businesses.

Amex Trendex Holiday 2021

The findings in the Shop Small Impact Survey correlate nicely with Amex’s Trendex report. That report found that 75% of consumers agree that shopping in-person at a small business brings them joy and drives excitement for the holidays.

Additional findings from the latest Trendex study also show that it’s crucial for consumers to purchase holiday gifts that:

  • Support small or local businesses (81%)
  • Are ethically sourced (63%)
  • Are sustainable/minimize their environmental impact (64%)
  • From retailers that are certified B Corporations (50%)
  • Are from women-owned businesses (45%)
  • Are from minority-owned businesses (47%)

For more details of the Shop Small Impact Survey, click here. For more information on Amex Trendex, click here.

“Never Been More Important to Support Local Businesses”

“It has never been more important to support local businesses,” said Keewa Nurullah, owner of Chicago-based children’s boutique Kido, in an Amex press release. “As we head into the holiday season, I am grateful that consumers recognize the importance of supporting the businesses that make our communities unique and are prioritizing shopping with eco-friendly businesses like mine.”

Mackenzi Farquer, the owner of Lockwood, a home and gift store in Brooklyn, N.Y., appreciates the consumer conversation surrounding Shop Small, especially over the rollercoaster of 2021. “The last year has demonstrated how important it is to get out and support your favorite local businesses. When you Shop Small, you are doing so much more than buying a product, and you are supporting your local community and helping to keep the businesses that make them unique alive.”

Featured image by Amex

FNBO to Acquire Western States Bank

by Cory Santos
first national bankcard of omaha purchase

First National Bank of Omaha is acquiring Wyoming-based Western States Bank. The move by First National Bank of Omaha, also known as FNBO, will see the major bank and lender increase its footprint in the Rocky Mountain region, including new branches in Laramie and Cheyenne, Wyoming. Here’s everything you need to know about FNBO and its acquisition of Western States Bank.

First National Bank of Omaha to Purchase Western States Bank

The deal, subject to regulatory approval, would see FNBO acquire Western States BanCorporation and its wholly-owned subsidiary Western States Bank which is headquartered in Laramie, Wyoming. Western States Bank currently operates ten branches in northeastern Colorado, western Nebraska, and southeastern Wyoming. It reported having $542 million in total assets, $486 million in deposits, and nearly 100 employees. FNBO expects the deal to close in early 2022.

“We are extremely excited to welcome Western States’ customers and colleagues to First National Bank of Omaha,” FNBO president Clark Lauritzen said in a statement. “Western States has a proud history and an excellent reputation, plus it shares our values and commitment to the community. We’re thrilled about this opportunity to grow and continue to serve customers in Colorado and Nebraska markets where we operate today while introducing ourselves to new customers in the vibrant Wyoming communities of Laramie and Cheyenne.”

About FNBO

FNBO is one of the largest regional banks in the United States, with over $25 billion in total assets and nearly 100 branches in seven states, including Colorado, Nebraska, Iowa, Illinois, Texas, South Dakota, and Kansas. The bank also issues co-branded credit cards through its First Bankcard subsidiary, with prominent names to use its credit card platform, including  Icelandair, Ford, Jeep, Best Western, MGM, and more.

FNBO also recently launched a new Buy Now, Pay Later (BNPL) service. Slice by FNBO, as the service is known, is a “pay in five” program, with eligible customers making one payment up-front, followed by four payments every 15 days. Slice by FNBO was launched with EXL, a data analytics company, and Skeps, a point-of-sale loan origination platform.

Related Article: TD Bank Merry Money Survey

Featured image by 12019/PixaBay

United Introduces Money + Miles Payment Option

by Cory Santos
money + miles

Last updated on April 5th, 2023

United Airlines MileagePlus members now have a new way to pay for flights. The carrier introduced a new payment method, Money + Miles earlier this week – allowing members to use miles to offset the costs of travel.

United Airlines Introduces Money + Miles Payment Method

United Airlines is offering MileagePlus members a new way to pay for fares. Earlier this week, the Chicago-based carrier unveiled its new Money + Miles feature, allowing MileagePlus members to use a combination of miles and cash to pay for flights.

How to Use Money + Miles

Using United’s new Money + Miles feature is straightforward. MileagePlus members select the correct payment option (Money + Miles) when booking most domestic United and United Express flights, select the total amount of miles they wish to use, and then supplement those miles with either a credit or debit card to cover the remaining balance.

Things to Consider Before Using the New Feature

The maximum number of MileagePlus miles redeemable using the Money + Miles feature is 130,000, with the minimum being 520 miles. United places a fixed value of one cent per mile, meaning 130,000 miles is valued at $130 off a United fare. Other notable features of the Money + Miles payment option include:
  • MileagePlus members will earn miles for the base fare paid with money, excluding applicable taxes and fees.
  • Members also earn Premier Qualifying Points (PQPs) on the cash used towards the base fare, plus Premier Qualifying Flights (PQFs) for each segment flown.
  • Making changes to a flight booked with Money + Miles will require making additional payments with money, as miles are not applicable to cover the fare difference.

Earn Additional Miles with United Credit Cards

One of the easiest ways to maximize miles is by using a United Airlines co-branded credit card. United currently offers six credit cards for businesses and personal use, including five cards through JP Morgan Chase. First Hawaiian Bank also issues a co-branded United credit card, though this offer is only open to residents of Hawaii and select US pacific territories. Here are United’s current credit card offerings:

Former United Credit Cards

United TravelBank Card (No longer available to new applicants)

United Club Business Card (No longer available to new applicants)

United Platinum Class Visa ((No longer available to new applicants)

Related Article: Chase Unveils New Holiday Season Ads

Featured image by United

Credit Card Delinquency Rates Rise in October

by Cory Santos
credit-card-delinquency-rates-rise-in-october

Last updated on April 6th, 2023

Consumer spending appears to be shifting after COVID-19. Instead of paying off debt at record levels, consumers now appear to be adding debt, with some issuers experiencing a slight rise in credit card delinquency rates and charge-offs. Here’s what you need to know:

Bank of America Credit Card Delinquency Rates Rise in October

Bank of America’s credit card delinquency rates rose slightly from its three-month moving average in September and October. The delinquency rate for Bank of America credit cards rose to 0.93% in October, slightly above the three-month rolling average of 0.91%.

While a rise in delinquency rates appears problematic, the 0.93% rate is significantly below 2020 levels. The same period last year (October 2020) saw a rate of 1.36% – as consumers felt the full impact of the coronavirus pandemic.

Other Issuers Also Seeing Delinquency Rate Increases

Bank of America isn’t the only card issuer experiencing a rise in delinquency rates. JP Morgan Chase also saw a slight increase, with an October rate of 0.65% – a tick up from 0.64% in September, though still well-below the 1.00% rate in October 2020.

Other notable credit card issuers experiencing a rise in delinquencies according to investor resource, Seeking Alpha, include:

  • Discover: A rate of 1.55% in October 2021, compared to 1.48% in September and 1.99% in October 2020.
  • American Express: A rate of 0.6% in October 2021, compared to 0.4% in September and 2.2% in October 2020.
  • Synchrony: A rate of 2.5% in October 2021, compared to 2.4% in September and 2.8% in October 2020.

Not All Bad News

Fortunately, it’s not all bad news for issuers, with Capital One seeing a slight decrease in delinquencies in October. The card issuer saw a drop in its delinquency rate of 1.04% in October 2021, compared to 1.48% in September 2021, and 1.99% in October of last year.

The news of slight increases in delinquency rates and charge offs also comes amidst a rise in consumer spending and credit card balances. According to the National Mortgage Professionals group, “this apparent rise in consumer spending and credit card balances reflects a shift from COVID-19 economic behavior when most people scaled back spending and substantially paid down debt.”

Related Article: Half of Americans Store Financial Information Online

Featured image by Pexels

Chase Adds GoPuff Statement Credits to All Cards

by Cory Santos
Chase GoPuff statement credit offer

Last updated on January 2nd, 2024

Chase cardholders can enjoy a new monthly statement credit through the end of 2023. The card giant has added a $10 monthly GoPuff credit to all Chase credit cards, including personal and business cards – here’s what you need to know:

Chase Adds GoPuff Credits to Select Credit Cards

Chase has added a new statement credit for Chase credit cardholders. The banking giant unveiled a new $10 monthly GoPuff statement credit through December 31, 2023. Eligible cardholders earn the $10 monthly credit when they use their Chase credit card to make a GoPuff purchase of at least $10.

GoPuff is a snacks and drinks delivery service that provides thousands of essential (and not-so-essential) items, delivered in 30 minutes or less, for a flat $1.95 fee.  Selections of products available include:

  • Snacks
  • Drinks, including alcohol
  • Grocery items, including everyday essentials
  • Beauty Supplies
  • Medicine and pharmacy goods
  • Electronics

The GoPuff platform is accessible via a mobile app – available in both the Apple App Store and Google Play Store.

Eligible Chase Cards

Chase defines the promotion as “open to eligible Chase cardmembers.” Still, in reality, it appears all Chase credit cards are available to the promotion – including many cards that are no longer open to new applicants.

Offer Terms and Conditions

Here are the official terms and conditions for the GoPuff statement credit promotion:

  • Qualifying GoPuff purchases include only those made by you, or an authorized user, with your eligible credit card through GoPuff.com or the GoPuff mobile application (excluding gift card purchases).
  • Eligible credit cards: Chase Freedom card, Chase Freedom Unlimited card, Chase Freedom Student card, Chase Freedom Flex card, Chase Sapphire card, Chase Sapphire Preferred card, Chase Sapphire Reserve card, J.P. Morgan Reserve card, Aer Lingus Visa Signature® Card, British Airways Visa Card, British Airways Visa Signature® Card, Disney® Premier Visa® Card, Disney® Visa® Card, World of Hyatt Credit Card, Iberia Visa Signature® Card, IHG® Rewards Club Premier Credit Card, IHG® Rewards Club Select Credit Card, IHG® Rewards Club Traveler Credit Card, IHG® Rewards Club Classic Credit Card, Marriott Bonvoy™ Credit Card, Marriott Bonvoy™ Premier Credit Card, Marriott Bonvoy Boundless™ Credit Card, Marriott Bonvoy BoldTM Credit Card, The Ritz-Carlton™ Credit Card, Southwest Rapid Rewards® Credit Card, Southwest Rapid Rewards® Plus Credit Card, Southwest Rapid Rewards® Employee Credit Card, Southwest Rapid Rewards® Premier Credit Card, Southwest Rapid Rewards® Priority Credit Card, Southwest Rapid Rewards® Performance Business Credit Card, Starbucks® Rewards Visa® Card, United ClubSM Card, UnitedSM Presidential PlusSM Card, United MileagePlus® Select Card, United MileagePlus® Awards Card, United MileagePlus® Card or UnitedSM Explorer Card

Related Article: Chase Unveils Month of More Promotion

Featured image by GoPuff

M1 Finance Announces Winter Sweepstakes

by Cory Santos
m1-finance-announces-winter-sweepstakes

Last updated on August 18th, 2023

M1 Finance, the popular investment fintech, is looking to spread some festive cheer with its new M1 Winter Sweepstakes. M1 will randomly select 50 M1 Owner’s Rewards Card transactions every day through the end of 2021 and provide the winning cardholders with a full refund on their purchase’s cost. Here are the full details of the new M1 Winter Sweepstakes:

M1 Finance’s Winter Sweepstakes

M1 Finance is looking to reward its users with the chance to earn full reimbursement on their purchases. Effective immediately, M1 randomly selects 50 transactions made with the Owner’s Rewards Card for a full refund on their winning purchase.

The new M1 Winter Sweepstakes will pull 50 random transactions every day for the rest of 2021, with the winning cardholders enjoying a full reimbursement on their transaction (up to $5,000 total).

Cardholders only need to use their Owner’s Rewards Card this holiday season to enter (one swipe = one entry), and M1 will select 50 winners at random daily. With folks preparing to spend more on gifts and travel this holiday season, the new M1 Winter Sweepstakes is an excellent way for cardholders to recoup some of those expenses and have some extra cash to invest as we head into the new year.

About the M1 Owner’s Rewards Visa® Signature Card

M1 launched the M1 Owner’s Rewards Visa Signature Card earlier this year, with the card now available to all M1 Plus users, with the first year free for new users. The card earns 2.5%, 5%, or even 10% cash back on purchases with select companies in which the cardholder owns stock.

Some of the best-known companies in the world are eligible, such as Amazon (2.5% back), Target (2.5% back), Starbucks (5% back), Delta Airlines (5% back), and Netflix (10% back). Cardholders receive 1.5% cash back on all other purchases. Those cash back rewards are automatically reinvested into users’ portfolios, allowing them to maximize rewards and grow their wealth with everyday transactions.

Other M1 Finance Products

M1 Finance also offers the M1 Spend Visa® Debit Card. That card provides M1 Finance customers with a streamlined approach to spending their available funds – and earning up to 1% cash back on purchases and 1% APY on account balances with an eligible M1 Plus account.

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